Representatives providing personal advice to clients when not licensed to do so; and
Representatives making representations to clients that were likely to mislead, including about the level of risk clients’ funds were exposed to and expected profits.
Following this, the regulator also found that Martin was not adequately trained or competent and was not a fit and proper person to provide financial services.
According to the ASIC, the financial products issued by Union Standard were high risk financial products, with features that may not be understood or appreciated by retail clients.
Martin was the responsible manager of Union Standard from December 2014 to September 2019 and was a director from February 2019. Since 20 September, 2018, Martin was also the sole director of TradeFred.
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